Philadelphia's GO bonds are secured by the city's full faith and credit GO pledge. Proceeds will finance the city's various capital needs. In December 2000, the city privately placed $50 million of TRANs series C due June 29, 2001, with First Union National Bank on a parity of lien with the TRANs series A. The city intends to repay the TRANs series C in March 2001 prior to their stated maturity date. Recently revised cash flow projections indicate projected debt service coverage by net available ending general fund cash balances on June 30, 2001, for the $250 million TRANs series A is very strong at 1.8 times (x). The additional cash flow borrowing resulted primarily from the delay of the
